NYSE-listed SpaceX, the aerospace company that Elon Musk founded in 2022, said it fetched 85.7 billion US Dollars after the placement advisors exercised the greenshoe option for the largest IPO of all times carried out on the financial markets (press release). The company listed at 135 US Dollars per share for an initial market capitalization of 1.77 trillion US Dollars which is in line with the enterprise value that market operators expected in March 2026 when rumours about SEC filing for listing spread (see here a previous post by BeBeez).
The scale of SpaceX’s IPO far exceeded the previous all-time record of listed oil giant Saudi Aramco which raised 29.4 billion US Dollars in 2019. After the Nasdaq debut on 12 June, Friday, the shares started trading at around 150 US Dollars per share and closed at 161 US Dollars. Market capitalisation thus rose from 1.77 trillion US Dollars at the time of pricing to over 2.5 trillion US Dollars in just two trading sessions for an increase in value of more than 700 billion.
Octopus reported that the post-ipo enterprise value is in line with the above 2.5 trillion US Dollars market capitalization at the trading closure of 15 June, Monday. On 20 May, Wednesday, SpaceX said in a SEC file that on 31 March, Tuesday, its gross debt amounted to 29.1 billion US Dollars, cash to 15.9 billion and net financial liabilities were worth 13.3 billion. SpaceX will invest part of the 85.7 billion US Dollars it raised in repaying a 20 billion bridge loan for refinancing the liabilities of X and xAI (see here a previous post by BeBeez).
After the conversion of the preference shares and the reorganisation of the share classes, SpaceX now has a dual-class structure that allows Elon Musk to retain control of the company. The pro forma share capital consists of approximately 6.8 billion Class A shares and 5.7 billion Class B super-voting shares. The listing prospectus says that Musk will retain approximately 54% of the business, but over 75% of voting rights. Musk stake was worth approximately 950 billion US dollars at the placement prices, but at the closing prices of 15 June, the theoretical value of his holding exceeded 1.3 trillion US dollars.
Founders Fund, Sequoia Capital, Valor Equity Partners, DFJ Growth, Fidelity, and Baillie Gifford kept a currently worth above 900 billion US Dollars 35% – 40% of SpaceX.
The IPO also enabled the company to raise new funds to finance the development of Starship, the expansion of the Starlink network and massive investments in artificial intelligence infrastructure.
In 2025, SpaceX posted consolidated revenue of 18.67 billion US Dollars, (+33.2% from 14 billion of 2024). The expansion of Starlink has been the main driver of this growth. In terms of profitability, however, the acceleration in investment had a significant impact on the accounts. Research and development expenditure jumped to 8.64 billion US Dollars from 3.46 billion the previous year, whilst total operating costs rose by 56.9 % to 21.26 billion. The result was an operating loss of 2.59 billion and a net loss of 4.94 billion US Dollars (net profit of 791 million in 2024). At the end of 1Q26, SpaceX generated revenues of 4.69 billion US Dollars (+15.4%) and net losses of 4.28 billion (528 million in 1Q25), due to a further acceleration in investment in R&D and AI infrastructure.
Morningstar started to cover SpaceX shortly before its listing and estimated a fair value in the region of 780 billion US dollars or 63 US Dollars per share. The research firm says that the market seems already being pricing extremely optimistic scenarios relating to the full commercialisation of Starship, the global expansion of the direct-to-cell business and the development of artificial intelligence infrastructure. However, Morningstar acknowledged that Starlink is already a highly profitable business and the group’s main economic driver.
The market participants have a different view. SpaceX is worth more than 134 times its projected 2025 revenue and is one of the biggest bets that investors placed on Musk’s ability to transform technologies still in the development phase into an industrial ecosystem set to dominate the space, telecommunications and artificial intelligence sectors.
